# MTG Co., Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第30期(2024/10/01－2025/09/30) (S100XBX1)
> Page: https://vizora.meequs.com/en/company/mtg
> Retrieved: 2026-09-30T19:49:29.840Z

## Company

MTG, founded in 1996, is a company in Home Appliances listed on TSE Growth. It has 1,514 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MTG Co., Ltd. |
| Ticker | 7806 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7806.T) |
| Listing | TSE Growth |
| Head office | 名古屋市中村区本陣通二丁目32番 |
| Representative (per filing) | 代表取締役社長 松下 剛 |
| Founded | Jan 1996 |
| Share capital | ¥16.8B |
| Employees (consolidated) | 1,514 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | September |
| Website | www.mtg.gr.jp (https://www.mtg.gr.jp/) |
| Corporate number | 6180001051390 |
| EDINET | E34054 |
| Industries (Vizora) | Home Appliances, Catalog & TV Shopping |

> Profile source: annual securities report (S100XBX1, filed 2025-12-19). As of filing

## Five-axis industry profile

Primary industry: Catalog & TV Shopping (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.2 | 9 |
| Profitability | 85 | 10 |
| Cash conversion | 38.9 | 9 |
| Efficiency | 45 | 10 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 40% of MTG's sales come from Direct marketing business, with Retail store business and Brand store business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +37.5% from the prior year, operating profit +225.5%.

## Company structure

- Segment revenue mix: Direct marketing business 39.8%、Retail store business 32.0%、Brand store business 26.1%、Global business 1.5%、Smart ring business 0.6%
- Revenue → net income: ¥98810000000 → ¥7771000000
- Net income → operating cash flow: ¥7771000000 → ¥7833000000（difference ¥62000000）
- Main uses of operating cash flow: CapEx ¥10496000000 / dividends ¥519000000 / buybacks ¥1205000000
- Change in cash: ¥-1663000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥98.8B |  |
| Operating income | ¥10.7B | Margin 10.8% |
| Net income | ¥7.93B | Margin 8.0% |
| Free cash flow | -¥2.66B |  |
| Largest business | Direct marketing business | of segment revenue 39.8% |
| Employees (consolidated) | 1,514 |  |
| EPS | ¥212.64 |  |
| Diluted EPS | ¥210.85 |  |
| Book value per share | ¥1241.76 |  |
| Equity ratio | 67.8% |  |
| Shares outstanding | 40,131,428 |  |
| Treasury shares | 851,200 |  |
| Shareholders | 15,057 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 15.0% | Cash ÷ revenue 11.4% |
| Vs. industry median margin | +5.1 pp | Home Appliances |
| ROE | 16.5% | Derived from disclosed figures |
| ROA | 11.9% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 2.3× dividends
- FY2025, revenue is 2.3× its level five years ago
- FY2025, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34845000000 | ¥98810000000 | +183.6% |
| Operating income | ¥1219000000 | ¥10665000000 | +774.9% |
| Operating margin | 3.5% | 10.8% | +7.3 pp |
| Employees | 1,146 people | 1,514 people | +32.1% |
| Cash and equivalents | ¥13470000000 | ¥11297000000 | -16.1% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ダイレクトマーケティング事業 → ダイレクトマーケティング事業 | 39.8% |
| ダイレクトマーケティング事業 → 事業再編・廃止 | 4.7% |
| プロフェッショナル事業 → プロフェッショナル事業 | 20.8% |
| リテールストア事業 → リテールストア事業 | 23.0% |
| グローバル事業 → グローバル事業 | 1.5% |
| グローバル事業 → 事業再編・廃止 | 8.0% |
| スマートリング事業 → スマートリング事業 | 0.1% |
| ウォーターサーバー事業 → 事業再編・廃止 | 1.5% |
| スポーツジム事業 → 事業再編・廃止 | 0.6% |
| 新設・再編 → プロフェッショナル事業 | 5.2% |
| 新設・再編 → リテールストア事業 | 9.0% |
| 新設・再編 → スマートリング事業 | 0.5% |

Segment revenue source references: 12 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Direct marketing business | 5 years | +20.1% | ¥37791000000 | 28.1% | 2 |
| Retail store business | 5 years | +31.2% | ¥30387000000 | 11.9% | 2 |
| Brand store business | 5 years | +28.4% | ¥24757000000 | 17.8% | 2 |
| Global business | 5 years | -14.7% | ¥1471000000 | -32.7% | 2 |
| Smart ring business | 5 years | +97.4% | ¥539000000 | -77.4% | 2 |

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 98,810 | 100.0% | S100XBX1 |
| Cost of revenue | 36,806 | 37.2% | S100XBX1 |
| Gross profit | 62,004 | 62.8% | S100XBX1 |
| SG&A | 51,338 | 52.0% | S100XBX1 |
| Operating income | 10,665 | 10.8% | S100XBX1 |
| Ordinary income | 10,731 | 10.9% | S100XBX1 |
| Pretax income | 9,399 | 9.5% | S100XBX1 |
| Income tax | 1,628 | 1.6% | S100XBX1 |
| Net income | 7,771 | 7.9% | S100XBX1 |
| Net income attributable to owners | 7,934 | 8.0% | S100XBX1 |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 37 |
| SG&A | 52 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 62.8% → Operating margin 10.8% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +37.5%; Core profit growth: +225.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.01×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 71,865 | 98,810 | 26,945 | +37.5% |
| Gross profit | 43,101 | 62,004 | 18,903 | +43.9% |
| Operating income | 3,277 | 10,665 | 7,388 | +225.5% |
| Net income attributable to owners | 2,279 | 7,934 | 5,655 | +248.1% |
| Operating cash flow | 983 | 7,833 | 6,850 | +696.8% |
| Free cash flow | -3,226 | -2,663 | 563 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 36,046 | -14,421 | -40.0% | -26,207 | -11,594 | -14,425 | S100KGDM |
| FY ending Sep 2020 | 34,845 | 1,219 | 3.5% | 1,525 | 1,536 | -553 | S100N4KS |
| FY ending Sep 2021 | 42,799 | 3,889 | 9.1% | 5,592 | 3,927 | 3,350 | S100PVBZ |
| FY ending Sep 2022 | 48,984 | 3,238 | 6.6% | 2,685 | 1,879 | 874 | S100SIYS |
| FY ending Sep 2023 | 60,154 | 3,597 | 6.0% | 1,984 | 2,686 | 1,237 | S100VD7B |
| FY ending Sep 2024 | 71,865 | 3,277 | 4.6% | 2,279 | 983 | -3,226 | S100XBX1 |
| FY ending Sep 2025 | 98,810 | 10,665 | 10.8% | 7,934 | 7,833 | -2,663 | S100XBX1 |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.3M |
| Operating income per employee (consolidated) | ¥7M |
| Net income per employee (consolidated) | ¥5.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,011 | 1,084 | 1,143 | 1,275 | 1,514 |
| Average salary (parent company) | ¥5.5M | ¥5.9M | ¥6.1M | ¥6.2M | ¥6.8M |
| Average age (parent company) | 37.0 years | 37.0 years | 37.2 years | 37.7 years | 38.0 years |
| Average tenure (parent company) | 5.0 years | 5.8 years | 6.2 years | 6.3 years | 6.0 years |

Year over year: Employees (consolidated) +18.7% · Revenue (consolidated) +37.5%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Direct marketing business | 37,791 | 39.8% | 10,625 | 28.1% |
| Brand store business | 24,757 | 26.1% | 4,407 | 17.8% |
| Retail store business | 30,387 | 32.0% | 3,608 | 11.9% |
| Global business | 1,471 | 1.5% | -481 | -32.7% |
| Smart ring business | 539 | 0.6% | -417 | -77.4% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Direct marketing business | 39.8% |
| Brand store business | 26.1% |
| Retail store business | 32.0% |
| Global business | 1.5% |
| Smart ring business | 0.6% |

Segment → industry: Global business → Home Appliances / Retail store business → Home Appliances / Brand store business → Home Appliances / Direct marketing business → Home Appliances / Direct marketing business → Catalog & TV Shopping

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,833 | 7.9% | S100XBX1 |
| Capital expenditure | 10,496 | 10.6% | S100XBX1 |
| Free cash flow | -2,663 | -2.7% | 算出 |
| Investing cash flow | -11,337 | -11.5% | S100XBX1 |
| Financing cash flow | 1,898 | 1.9% | S100XBX1 |
| Dividends paid | 519 | 0.5% | S100XBX1 |
| Share buyback | 1,205 | 1.2% | S100XBX1 |
| Change in cash | -1,663 | -1.7% | S100XBX1 |
| Cash and equivalents | 11,297 | 11.4% | S100XBX1 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 15,651 | 16,529 | 16,137 | 12,960 | 11,297 | S100SIYS, S100VD7B, S100XBX1 |
| Total assets | 46,939 | 49,942 | 54,449 | 58,484 | 75,199 | S100PVBZ, S100SIYS, S100VD7B, S100XBX1 |
| Net assets | 38,154 | 41,285 | 42,712 | 44,524 | 50,999 | S100SIYS, S100VD7B, S100XBX1 |
| Share capital | 16,615 | 16,772 | 16,778 | 16,781 | 16,796 | S100PVBZ, S100SIYS, S100VD7B, S100XBX1 |
| Trade receivables | 4,294 | 4,838 | 6,017 | 7,031 | 10,070 | S100PVBZ, S100SIYS, S100VD7B, S100XBX1 |
| Property, plant and equipment | 9,852 | 9,788 | 10,335 | 12,702 | 20,195 | S100PVBZ, S100SIYS, S100VD7B, S100XBX1 |
| Intangible assets excluding goodwill | 362 | 476 | 630 | 1,417 | 2,825 | S100PVBZ, S100SIYS, S100VD7B, S100XBX1 |
| Goodwill | — | — | — | 44 | 35 | S100XBX1 |
| Investment securities | 1,969 | 2,673 | 3,645 | 3,212 | 3,662 | S100PVBZ, S100SIYS, S100VD7B, S100XBX1 |
| Current assets | 32,108 | 34,600 | 36,491 | 38,182 | 44,804 | S100PVBZ, S100SIYS, S100VD7B, S100XBX1 |
| Current liabilities | 8,230 | 8,279 | 11,330 | 13,217 | 19,728 | S100PVBZ, S100SIYS, S100VD7B, S100XBX1 |
| Trade payables | 1,694 | 1,644 | 1,831 | 4,237 | 3,909 | S100PVBZ, S100SIYS, S100VD7B, S100XBX1 |
| Long-term borrowings | — | — | — | 153 | 3,714 | S100XBX1 |
| Total liabilities | 8,784 | 8,656 | 11,737 | 13,959 | 24,200 | S100PVBZ, S100SIYS, S100VD7B, S100XBX1 |
| Non-controlling interests | 102 | 436 | 779 | 65 | 3 | S100PVBZ, S100SIYS, S100VD7B, S100XBX1 |
| Equity attributable to owners of parent | 37,989 | 41,137 | 42,756 | 45,217 | 51,214 | S100PVBZ, S100SIYS, S100VD7B, S100XBX1 |
| Retained earnings | 6,859 | 9,116 | 10,706 | 12,533 | 19,947 | S100PVBZ, S100SIYS, S100VD7B, S100XBX1 |
| Treasury stock | -904 | -904 | -889 | -143 | -1,335 | S100PVBZ, S100SIYS, S100VD7B, S100XBX1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100XBX1 |
| Receivables | 13% | S100XBX1 |
| Property, plant and equipment | 27% | S100XBX1 |
| Intangibles and goodwill | 4% | S100XBX1 |
| Investment securities | 5% | S100XBX1 |
| Other assets | 36% | S100XBX1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XBX1 |
| Other liabilities | 27% | S100XBX1 |
| Equity | 68% | S100XBX1 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 46,939 | 49,942 | 54,449 | 58,484 | 75,199 |
| Equity | 38,154 | 41,285 | 42,712 | 44,524 | 50,999 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,651 | 16,529 | 16,137 | 12,960 | 11,297 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 20.4% | S100XBX1 |
| Fixed assets ÷ total assets | 26.9% | S100XBX1 |
| Goodwill ÷ parent equity | 0.1% | S100XBX1 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 15.0% |
| Cash ÷ revenue | 11.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.4% |
| Cash vs. profit gap | -101 JPY mn (of net income -1.3%) |
| Shareholder returns / net income | 21.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 6.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.6% |
| Investing CF relative to operating CF | 144.7% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 13.1% | 0.91× | 11.9% | 1.24× | 14.7% | S100PVBZ |
| 2022 | 5.5% | 1.01× | 5.5% | 1.22× | 6.8% | S100SIYS |
| 2023 | 3.3% | 1.15× | 3.8% | 1.24× | 4.7% | S100VD7B |
| 2024 | 3.2% | 1.27× | 4.0% | 1.28× | 5.2% | S100XBX1 |
| 2025 | 8.0% | 1.48× | 11.9% | 1.39× | 16.5% | S100XBX1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松下 剛 | Major shareholder | 28.0% | 2025-09-30 |
| 株式会社Ｍマネジメント | Major shareholder | 20.4% | 2025-09-30 |
| 株式会社Ｍコーポレーション | Major shareholder | 16.2% | 2025-09-30 |
| MTG持株会 | Major shareholder | 1.8% | 2025-09-30 |
| エスカワゴエ株式会社 | Major shareholder | 1.5% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.3% | 2025-09-30 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.8% | 2025-09-30 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.8% | 2025-09-30 |
| 佐川印刷株式会社 | Major shareholder | 0.8% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 0.7% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2024/10/01－2025/09/30) | S100XBX1 | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBX1,, |
| 有価証券報告書－第29期(2023/10/01－2024/09/30) | S100VD7B | 2025-03-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VD7B,, |
| 有価証券報告書－第28期(2022/10/01－2023/09/30) | S100SIYS | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIYS,, |
| 有価証券報告書－第27期(令和3年10月1日－令和4年9月30日) | S100PVBZ | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVBZ,, |
| 有価証券報告書－第26期(令和2年10月1日－令和3年9月30日) | S100N4KS | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4KS,, |
| 有価証券報告書－第25期(令和1年10月1日－令和2年9月30日) | S100KGDM | 2020-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KGDM,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).